# Doosan Bobcat (241560.KO)

Canonical: https://gigainvestors.com/s/241560.KO

Analysis as of: 2026-10-16T07:38:31.539Z. Financial observations: FY2014–FY2025.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: KRW 50,500.00 per share; close as of 2026-10-15.

Estimated value: low KRW 87,767.31 per share, central KRW 108,193.64 per share, high KRW 123,079.39 per share. Buy at or below the central value KRW 108,193.64 per share. Valuation as of 2026-10-16T07:38:31.539Z; scenarios are not confidence intervals.

Expected annual return: 22.9% at the stated quote. About 22.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.12×

- FY2018: 0.12×

- FY2019: 0.11×

- FY2020: 0.09×

- FY2021: 0.10×

- FY2022: 0.12×

- FY2023: 0.14×

- FY2024: 0.10×

- FY2025: 0.08×

### moat: pass

- ROIC, median of available years: 20.5%

- ROIC, second-lowest year: 16.3%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 22.4%

- Recent gross margin (lower of latest and 3-year median): 22.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: 6.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.3%

- FY2017: 20.6%

- FY2018: 21.9%

- FY2019: 20.4%

- FY2020: 19.3%

- FY2021: 20.7%

- FY2022: 31.0%

- FY2023: 40.1%

- FY2024: 18.8%

- FY2025: 16.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.90×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 2.63T

- Net income, five-year total: KRW 2.92T

- Return on incremental invested capital: 40.6%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.6 pp

- Working capital / revenue, final three-year average: 14.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.89×

- FY2022: 1.01×

- FY2023: 0.95×

- FY2024: 0.73×

- FY2025: 0.89×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 20.6% vs 18.8%

- Per-share earnings: 2693.30 to 5633.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.9%

- Market cap gain: KRW 1.94T

- Cumulative retained earnings: KRW 4.73T

- Diluted shares, 5-year annual growth: -0.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.1%

- Per-share value change: KRW 3K

- Per-share value, starting three-year median: KRW 3K

- Per-share value, ending three-year median: KRW 6K

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 1.0%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 2.02T

- Cumulative net income, 10 years: KRW 4.14T

- ROIC, first three-year median: 20.6%

- ROIC, last three-year median: 18.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW 3K

- FY2018: KRW 3K

- FY2019: KRW 3K

- FY2020: KRW 2K

- FY2021: KRW 4K

- FY2022: KRW 6K

- FY2023: KRW 9K

- FY2024: KRW 6K

- FY2025: KRW 4K

### accounting: pass

- Sloan accruals: -6.3%

- Receivables to sales index (DSRI): 1.25×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.93×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.80×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.5%

- FY2017: -1.7%

- FY2018: -5.5%

- FY2019: -3.2%

- FY2020: -4.6%

- FY2021: -0.9%

- FY2022: -0.6%

- FY2023: -3.5%

- FY2024: -1.8%

- FY2025: -6.3%

## Holders

## Price story

Down 30% since Apr 2026 · sales +2.8%

Story as of 2026-10-16T10:00:10.013Z; price observation 2026-10-15.

Price needs cash profits to shrink 9.3% a year for ten years

### Sales · FY2024–2025

sales +2.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 3.95T 

- FY2017: KRW 3.39T 

- FY2018: KRW 3.97T 

- FY2019: KRW 4.51T 

- FY2020: KRW 4.28T 

- FY2021: KRW 5.82T 

- FY2022: KRW 8.62T 

- FY2023: KRW 9.76T 

- FY2024: KRW 8.55T 

- FY2025: KRW 8.79T 

### Gross margin · FY2025

gross margin 22.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 22.3% 

- FY2017: 23.8% 

- FY2018: 22.2% 

- FY2019: 21.7% 

- FY2020: 20.8% 

- FY2021: 21.2% 

- FY2022: 22.6% 

- FY2023: 24.4% 

- FY2024: 23.3% 

- FY2025: 22.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in farm & heavy construction machinery; annual sales are KRW 8.8 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.539Z); FY2025: revenue 8791888129000; grossProfit 1971610786000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 241560.KO: Doosan Bobcat Inc. designs, manufactures, markets, and distributes compact construction equipment in North America, Europe, the Middle East, Africa, Asia, Latin America, and Oceania. It offers compact equipment, including compact loaders and excavators, telehandlers, compact tractors, zero-turn mowers, utility products, light compaction, articulating tractors, turf renovation equipment, and attachment products. The company also provides material handling products, such as internal combustion pneumatic and cushion forklifts, high capacity and electric counterbalance forklifts, and warehouse equipment; and portable power products comprising air compressors, generators, light towers, and industrial air products. It sells its products under the Bobcat, Doosan, and Geith brand names. The company serves construction, landscaping, agriculture, grounds maintenance, utility, and mining industries. Doosan Bobcat Inc. was formerly known as Doosan Infracore Bobcat Holdings Co., Ltd. and changed its name to Doosan Bobcat Inc. in January 2015. The company was founded in 1947 and is headquartered in Seongnam-si, South Korea.

### Why customers stay

Margins ranged from 22.4% to 24.4% during 2023–25; it earns 20.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.539Z); FY2023: grossProfit / revenue = 24.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.539Z); FY2024: grossProfit / revenue = 23.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.539Z); FY2025: grossProfit / revenue = 22.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.539Z); 10-year return on capital observations [[2016,0.1626542155502429],[2017,0.20646241762523296],[2018,0.21890023359897387],[2019,0.20364201311924465],[2020,0.19272419091464826],[2021,0.20657901170557053],[2022,0.30987789973861757],[2023,0.40099806179265096],[2024,0.18808895572978723],[2025,0.16037470221437278]]; median 0.2050522153722388. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 9.1% of cash earnings on expansion; earns 40.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.539Z); FY2016: growth capex 0; upkeep 91618807000; owner earnings 189744931000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.539Z); FY2017: growth capex 0; upkeep 46856748000; owner earnings 332105556000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.539Z); FY2018: growth capex 0; upkeep 75260122000; owner earnings 541316424000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.539Z); FY2019: growth capex 70576392946.13147; upkeep 150747341053.86853; owner earnings 221942004546.13147. Growth capex / owner earnings = 0.31799475313588915.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.539Z); FY2020: growth capex 0; upkeep 142460113000; owner earnings 222953936000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.539Z); FY2021: growth capex 24149518000; upkeep 189650858000; owner earnings 342916828400. Growth capex / owner earnings = 0.07042383458600773.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.539Z); FY2022: growth capex 0; upkeep 172454173000; owner earnings 649537218400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.539Z); FY2023: growth capex 14707701000; upkeep 245236144000; owner earnings 874942822400. Growth capex / owner earnings = 0.016809899599674685.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.539Z); FY2024: growth capex 0; upkeep 397038180000; owner earnings 410266911000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.539Z); FY2025: growth capex 32621017000; upkeep 314045084000; owner earnings 356557244000. Growth capex / owner earnings = 0.09148886342637313.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.539Z); Incremental return on capital 0.40642535036314575, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.539Z); Dividend observations: [[2016,67363919000],[2017,67363919000],[2018,123844937000],[2019,110360478000],[2020,51343687000],[2021,184462139000],[2022,184462139000],[2023,155042437000],[2024,173164530000],[2025,194291200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.539Z); FY2025: cash repurchases 138602731000 KRW.

### Are managers owners

Insiders own 48.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 241560.KO SharesStats.PercentInsiders = 48.256 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 9.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.539Z); Ten-year compound average after fade. Initial solved rate -0.14268565400560446. Price 50500; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-11: KRW 33,450.00 per share

- 2016-12: KRW 35,850.00 per share

- 2017-01: KRW 37,000.00 per share

- 2017-02: KRW 36,900.00 per share

- 2017-03: KRW 36,700.00 per share

- 2017-04: KRW 39,150.00 per share

- 2017-05: KRW 37,300.00 per share

- 2017-06: KRW 35,600.00 per share

- 2017-07: KRW 35,400.00 per share

- 2017-08: KRW 38,150.00 per share

- 2017-09: KRW 36,550.00 per share

- 2017-10: KRW 36,250.00 per share

- 2017-11: KRW 35,550.00 per share

- 2017-12: KRW 35,800.00 per share

- 2018-01: KRW 37,000.00 per share

- 2018-02: KRW 34,000.00 per share

- 2018-03: KRW 31,400.00 per share

- 2018-04: KRW 32,600.00 per share

- 2018-05: KRW 33,900.00 per share

- 2018-06: KRW 32,000.00 per share

- 2018-07: KRW 33,250.00 per share

- 2018-08: KRW 35,600.00 per share

- 2018-09: KRW 40,400.00 per share

- 2018-10: KRW 35,200.00 per share

- 2018-11: KRW 32,850.00 per share

- 2018-12: KRW 31,500.00 per share

- 2019-01: KRW 33,200.00 per share

- 2019-02: KRW 31,900.00 per share

- 2019-03: KRW 30,900.00 per share

- 2019-04: KRW 31,950.00 per share

- 2019-05: KRW 33,700.00 per share

- 2019-06: KRW 36,400.00 per share

- 2019-07: KRW 35,900.00 per share

- 2019-08: KRW 35,850.00 per share

- 2019-09: KRW 35,400.00 per share

- 2019-10: KRW 31,500.00 per share

- 2019-11: KRW 31,300.00 per share

- 2019-12: KRW 34,350.00 per share

- 2020-01: KRW 30,800.00 per share

- 2020-02: KRW 28,400.00 per share

- 2020-03: KRW 17,950.00 per share

- 2020-04: KRW 23,500.00 per share

- 2020-05: KRW 23,700.00 per share

- 2020-06: KRW 26,300.00 per share

- 2020-07: KRW 26,950.00 per share

- 2020-08: KRW 26,300.00 per share

- 2020-09: KRW 26,900.00 per share

- 2020-10: KRW 28,850.00 per share

- 2020-11: KRW 30,050.00 per share

- 2020-12: KRW 29,650.00 per share

- 2021-01: KRW 30,350.00 per share

- 2021-02: KRW 32,350.00 per share

- 2021-03: KRW 42,100.00 per share

- 2021-04: KRW 45,650.00 per share

- 2021-05: KRW 51,300.00 per share

- 2021-06: KRW 48,000.00 per share

- 2021-07: KRW 46,100.00 per share

- 2021-08: KRW 43,350.00 per share

- 2021-09: KRW 40,050.00 per share

- 2021-10: KRW 38,050.00 per share

- 2021-11: KRW 36,200.00 per share

- 2021-12: KRW 40,750.00 per share

- 2022-01: KRW 37,050.00 per share

- 2022-02: KRW 38,150.00 per share

- 2022-03: KRW 38,850.00 per share

- 2022-04: KRW 41,550.00 per share

- 2022-05: KRW 38,000.00 per share

- 2022-06: KRW 28,900.00 per share

- 2022-07: KRW 31,100.00 per share

- 2022-08: KRW 34,700.00 per share

- 2022-09: KRW 28,500.00 per share

- 2022-10: KRW 33,500.00 per share

- 2022-11: KRW 35,550.00 per share

- 2022-12: KRW 34,600.00 per share

- 2023-01: KRW 34,750.00 per share

- 2023-02: KRW 37,900.00 per share

- 2023-03: KRW 43,700.00 per share

- 2023-04: KRW 51,200.00 per share

- 2023-05: KRW 53,500.00 per share

- 2023-06: KRW 58,700.00 per share

- 2023-07: KRW 58,500.00 per share

- 2023-08: KRW 53,800.00 per share

- 2023-09: KRW 51,000.00 per share

- 2023-10: KRW 38,750.00 per share

- 2023-11: KRW 45,600.00 per share

- 2023-12: KRW 50,400.00 per share

- 2024-01: KRW 50,900.00 per share

- 2024-02: KRW 46,950.00 per share

- 2024-03: KRW 53,300.00 per share

- 2024-04: KRW 52,200.00 per share

- 2024-05: KRW 57,700.00 per share

- 2024-06: KRW 51,300.00 per share

- 2024-07: KRW 41,200.00 per share

- 2024-08: KRW 39,800.00 per share

- 2024-09: KRW 40,600.00 per share

- 2024-10: KRW 37,500.00 per share

- 2024-11: KRW 38,800.00 per share

- 2024-12: KRW 41,900.00 per share

- 2025-01: KRW 48,050.00 per share

- 2025-02: KRW 47,000.00 per share

- 2025-03: KRW 50,000.00 per share

- 2025-04: KRW 49,000.00 per share

- 2025-05: KRW 47,000.00 per share

- 2025-06: KRW 58,200.00 per share

- 2025-07: KRW 55,400.00 per share

- 2025-08: KRW 53,400.00 per share

- 2025-09: KRW 55,500.00 per share

- 2025-10: KRW 60,300.00 per share

- 2025-11: KRW 55,200.00 per share

- 2025-12: KRW 57,700.00 per share

- 2026-01: KRW 58,800.00 per share

- 2026-02: KRW 65,000.00 per share

- 2026-03: KRW 56,900.00 per share

- 2026-04: KRW 72,000.00 per share

- 2026-05: KRW 64,700.00 per share

- 2026-06: KRW 61,700.00 per share

- 2026-07: KRW 59,800.00 per share

- 2026-08: KRW 62,300.00 per share

- 2026-09: KRW 54,600.00 per share

- 2026-10: KRW 52,200.00 per share

## Annual estimated value (KRW per share)

- FY2018: low KRW 34,567.74 per share, central KRW 38,698.68 per share, high KRW 44,197.85 per share

- FY2019: low KRW 35,417.85 per share, central KRW 40,134.16 per share, high KRW 46,412.56 per share

- FY2020: low KRW 31,406.78 per share, central KRW 34,758.44 per share, high KRW 39,220.21 per share

- FY2021: low KRW 45,918.79 per share, central KRW 51,073.85 per share, high KRW 57,936.32 per share

- FY2022: low KRW 60,711.59 per share, central KRW 68,349.20 per share, high KRW 78,516.48 per share

- FY2023: low KRW 74,801.66 per share, central KRW 83,449.48 per share, high KRW 94,961.55 per share

- FY2024: low KRW 85,462.00 per share, central KRW 114,830.61 per share, high KRW 131,932.01 per share

- FY2025: low KRW 86,304.89 per share, central KRW 106,701.33 per share, high KRW 121,565.30 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations